Ten nightclubs are shutting in Britain every month because pressures continue to weigh on the sector.
Nearly a third of clubs have put up the shutters since 2019, and only 865 remain in the UK, according to the Night Time Industries Association. High energy bills and rising expenses have caused the closures, resulting in calls for a sector-wide reduction in VAT.
The warning comes as the Printworks London club closes its doors for a potential redevelopment that could take years to complete.
We need the government to address the immediate issues faced by some of the hardest-hit business sectors, Mr. Michael Kill, chief executive of the association, said. The night-time economy has already suffered catastrophic damage and, like the larger hospitality sector, will face further losses in the next few months if we do not receive immediate and decisive support from the government for the remaining businesses.
It will require immediate and direct action in terms of a sector-wide VAT reduction, strict energy supply management by Ofgem, a re-evaluation of business rates relief, particularly for late-night businesses, and a lowering of visa thresholds for international workers.
The capital's Theatre of Dreams and a cornerstone of Culture is known as Printworks, as as this iconic space closes it will leave a huge void in London's music venue scene. The Surrey Quays venue opened in 2017 and can hold 6,000 people. Last month, it was ranked as the second best club in the world.